PUBLISHER: Polaris Market Research | PRODUCT CODE: 1625379
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1625379
The global cloud FinOps market size is expected to reach USD 39.56 billion by 2034, according to a new study by Polaris Market Research. The report "Cloud FinOps Market Size, Share, Trends, Industry Analysis Report: By Offering (Solution and Services), Service Model, Deployment Model, Organization Size, Application, Vertical, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Forecast, 2025- 2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The rapid growth of the cloud FinOps market is being driven by the escalating utilization of cloud services to address the demand for proficient financial management. Enterprises are transitioning their operations to the cloud to navigate intricate pricing structures and embrace cloud resources. For instance, Eurostat reported a 4.2 percentage point increase in cloud computing service adoption in the European Union from 2021 to 2023, with 45.2% of enterprises adopting these services. This surge in adoption is stimulating the need for various cloud-based services, including cloud FinOps, which provides robust tools and methodologies for managing and optimizing cloud spending. Consequently, organizations are effectively managing their cloud budgets, lowering overspending, and elevating overall financial efficiency through the implementation of cloud FinOps, thereby propelling market expansion.
The expansion of the banking sector is fueling the demand for cloud FinOps worldwide. The industry's growth, fueled by the introduction of innovative banking models and small finance banks, is significantly propelling the global cloud FinOps market. The banking sector's increasing reliance on cloud technology for its operations and services, associated with the complex nature of cloud billing and strict regulatory requirements, emphasizes the importance of cloud FinOps in this industry. Consequently, the surge in demand for cloud FinOps solutions is due to the bank's transition toward digital transformation, thereby accelerating the expansion of the cloud FinOps market.
The expansion of the software-as-a-service (SaaS) market is bolstering the development of the cloud FinOps market as more businesses embrace SaaS solutions to optimize operations and boost efficiency. The increased SaaS adoption necessitates efficient financial management and optimization. Cloud FinOps encompasses the necessary tools and methodologies to effectively control costs, offering advanced features such as detailed cost tracking, budgeting, and financial forecasting to fulfill the need for streamlined financial management. Therefore, the escalating demand for cost management and financial transparency within the growing SaaS sector is propelling the expansion of the cloud FinOps market.
The budgeting and forecasting segment in the market is projected to grow at a significant CAGR due to the rising demand for precise financial planning and control within cloud environments.
In 2024, the IT & ITeS sector dominated the market in terms of revenue, driven by the substantial global expansion and accelerated growth of software firms.
In 2024, the global market's largest revenue share was held by North America because of the region's strong technology ecosystem and the presence of several key industry players.
Asia Pacific cloud FinOps market is anticipated to experience a significant CAGR due to the rising focus on regulatory compliance and data governance within the region.
The global key market players are Amazon Web Services, Inc. (Amazon.com, Inc.); Datadog; Flexera; Google Cloud; Hitachi Digital Services, LLC; IBM; Lumen Technologies; Microsoft; Oracle; ServiceNow; VMware (Broadcom); and PRESIDIO, INC.
Polaris Market Research has segmented the cloud FinOps market report based on offering, service model, deployment model, organization size, application, vertical, and region: